Toronto Bay Adelaide Centre | 217.92m | 51s | Brookfield | KPMB

I'm surprised One York is being constructed being only 20% leased. Well I guess the condo towers have sold so well, it just makes sense to go ahead and construct it. It won't be ready for a tenant for another 3 years so it gives them time to get new companies that either want to enter the TO market, or move downtown to where all the urban professionals are. I think this building will slowly fill up and by the time 2017 rolls around and this thing is built, my bets are it'll be over 80% full.
 
travis3000 said:
I'm surprised One York is being constructed being only 20% leased. Well I guess the condo towers have sold so well, it just makes sense to go ahead and construct it. It won't be ready for a tenant for another 3 years so it gives them time to get new companies that either want to enter the TO market, or move downtown to where all the urban professionals are. I think this building will slowly fill up and by the time 2017 rolls around and this thing is built, my bets are it'll be over 80% full.
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You're not alone, its essentially going up on spec ... the last time that happened was after the last office bust (when we saw no major construction for what 20 years?).
But yes that's the idea, they want to be ready for the 2017 market.

The other building is Queen Richmond Center West ... its even worse, 18% ... I've listened to a couple of allied's investment calls for fun (they usually give out good information about their upcoming projects i.e. the Front street project) and for the last 3 quarters ... its always the same ... "we have a TON of interest in Queen Richmond Center West and are close on many leases ranging in size from 50K to 100K" ... I believed it the first time but not about 3/4 a year later : - ) ... to be fair its a smaller project, only around 300K so it shouldn't be too difficult to fill ... the issue being its outside the core and that is a completely different market ... with generally much much much smaller tenants ... leasing 50K in this area to one firm is on the rare side ... 100 K very rare ... so they'd be looking for a lot of smaller leases.

I wish ING moved downtown ... it makes sense ... but they didn't, they renewed (and expanded) in their Steeles Campus building around the 404.
 
The 2nd tower crane is up and about a 600T mobile crane put it up. If my numbers are correct, the crane had 54,400k of counter weight on it.

There are a number of tower crane sections on site now. With the 2nd crane now on site, things should pickup.

The steel is still the same as last year. Only the 2nd floor will be beam and you can see the seat plates are for the floor joist on the core with steel beam connection at the corners.

Core up a few more floors.
 
Jan 12
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This month's community agendas includes an application from CF to extend the deadline for completing the PATH connection through the 16 York site. It doesn't sound all that promising that We'll see this tower rise anytime soon.
 
I'm hoping they apply to get a variance from the city to just build 8-10 stories of office space with a condo tower (ICE-3) overtop, the rest of the density can be transferred to their new office tower planned for 43 Simcoe Street
 
Automation Gallery said:
I'm hoping they apply to get a variance from the city to just build 8-10 stories of office space with a condo tower (ICE-3) overtop, the rest of the density can be transferred to their new office tower planned for 43 Simcoe Street
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I'm pretty sure that density rights can be transferred around town like that, and for good reason. Regardless, I hope this stays office. There really aren't that many sites left within walking distance of Union Station. Those are prime employment lands.
 
Automation Gallery said:
I'm hoping they apply to get a variance from the city to just build 8-10 stories of office space with a condo tower (ICE-3) overtop, the rest of the density can be transferred to their new office tower planned for 43 Simcoe Street
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no that's silly ... this should stay office, if anything it can get taller ... if that means waiting 10 years for it to start so be it !
I don't mind residential + office but I think that's hard to market as AAA office space ... and even if they do they still have the same issue with fill the same amount of space.
 
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